Category Archives: Economics on the left

An excess supply of economic illiteracy

Economic illiteracy is a common fault among our political classes. Two stories off the front page of The Australian this morning. First this: NBN chief Bill Morrow asks who will by the $49bn debt. As if you have to ask: … Continue reading

Posted in Economics on the left, Uncategorized | 16 Comments

Shorten Attacks Business Class

Bill Shorten appears committed to destroying Australia’s middle and aspirational classes. His latest ill-conceived attack on discretionary trusts makes this abundantly clear. Tax minimisation is not a crime Simply put, among other things, trusts allow those running their own business … Continue reading

Posted in Economics on the left, Federal Politics, Uncategorized | Tagged , , , , | 36 Comments

Advance Australia Fair

Who is the one creating more wealth for toil: the person pouring the beer; or the person who took out a business loan to buy the pub; who paid for the pub’s fitout and facilites; who takes on the unending … Continue reading

Posted in Economics on the left, Politics of the Left, Socialism | Tagged , , , | 36 Comments

More evidence that Keynesian theory is junk science

Here’s the story: Economists Hilariously Over-Predicted Economic Growth Under Obama. What does an economist using modern macro know about how an economy works? To find out, continue below. White house economists overestimated annual economic growth by about 80 percent on … Continue reading

Posted in Economics and economy, Economics on the left | 15 Comments

Donald Trump and the administrative state

During the just concluded meeting of the North American society of historians of economic thought I made a major effort to find at least one other attendee among the other 200 who would be willing to make a single positive … Continue reading

Posted in Economics on the left, Education | 27 Comments

Malcolm is too dumb to understand what Newman is saying

I am going to provide my own title for the story rather than use the headline from the subbie at The Oz who seems to have tried to obscure the point: Government projects chosen by dull-witted politicians like Malcolm Turnbull … Continue reading

Posted in Economics on the left, Federal Politics | 77 Comments

How Venezuela Came to Be – Part 2

Ten days ago, I re-posted my article ‘Venezuela has Completely Run Out of Other Peoples’ Money‘ which goes some way to explaining how the disaster that is today’s Venezuela came about – and why it should matter to Australia, where 50% … Continue reading

Posted in American politics, Economics on the left | Tagged , , , , | 25 Comments

Les Miz after reality finally bites

An absolutely stunning photo. The people behind the barricades are, of course, the people who put Chavez and now Maduro into power. I wonder what they now know that they didn’t know then. If you look to the government to … Continue reading

Posted in Economics on the left, Oppressive government | 47 Comments

The resources of the nation belong to the people

Will someone please convince me this isn’t economic idiocy: PM orders gas giants: Australian consumers first: Malcolm Turnbull will impose tough new restrictions on the country’s gas producers, introducing sweeping powers to block exports unless there are adequate supplies to … Continue reading

Posted in Economics on the left, Federal Politics | 101 Comments

“The Utopia of Damned Fools”

This is from an article on “The New Deal” written by H.L. Mencken in May, 1935 and published in A Mencken Chrestomathy [Vintage Books New York 1982: pages 424-25]. It discusses how the first application of Keynesian economics by the … Continue reading

Posted in Classical Economics, Economics on the left | 15 Comments